HAMILTON, Bermuda and
HOUSTON, Dec. 1, 2017 /CNW/ -- Nabors Industries
Ltd. ("Nabors") (NYSE: NBR) and Tesco Corporation ("Tesco")
(NASDAQ:TESO) today jointly provided a status update of the
previously announced acquisition (the "Arrangement") of Tesco by
Nabors.
At a Special Meeting of Shareholders held today (the "Meeting")
in Canada, Tesco shareholders
approved, by a large majority, the Arrangement pursuant to which
Nabors will acquire all of Tesco's common shares in a
stock-for-stock transaction.
Tesco President and Chief
Executive Officer Fernando Assing,
commented, "We are truly pleased with the strong support received
from our shareholders which resulted in the approval of both
management proposals during today's shareholder meeting. We are
excited about the opportunities that the incorporation of Tesco in
to Nabors will bring to our shareholders, our employees, and our
technologies. We must now focus on the closing process."
Nabors Chairman, President and CEO Anthony G. Petrello, commented, "We are
gratified to have received approval of the transaction by such a
large majority of Tesco shareholders and we anticipate closing by
year end. The integration plan is substantially complete and ready
to implement upon closing. We are looking forward to
welcoming the highly capable members of the Tesco organization to
Nabors and effecting the expected synergies."
The approval process with the Federal Antimonopoly Service of
the Russian Federation, which was
initiated on October 10, 2017,
remains ongoing. The companies expect the closing of the
transaction to occur by year end.
About Tesco Corporation
Tesco Corporation is a global leader in the design, manufacture
and service of technology based solutions for the upstream energy
industry. The Company's strategy is to change the way people drill
wells by delivering safer and more efficient solutions that add
real value by reducing the costs of drilling for and producing oil
and natural gas. Tesco® is a registered trademark in
the United States, Canada and the European Union.
About Nabors Industries
Nabors Industries (NYSE: NBR) owns and operates the world's
largest land-based drilling rig fleet and is a provider of offshore
platform rigs in the United States
and numerous international markets. Nabors also provides
directional drilling services, performance tools, and innovative
technologies for its own rig fleet and those of third parties.
Leveraging our advanced drilling automation capabilities, Nabors
highly skilled workforce continues to set new standards for
operational excellence and transform our industry.
Media Contacts:
Tesco – Chris
Boone, Senior Vice President and Chief Financial Officer,
+1 713-359-7000
Nabors - Dennis A.
Smith, Vice President of Corporate Development &
Investor Relations, +1 281-775-8038 or Nick
Swyka, Director of Corporate Development & Investor
Relations, +1 281-775-2407. To request investor materials,
contact Nabors' corporate headquarters in Hamilton, Bermuda at +441-292-1510 or via
e-mail at mark.andrews@nabors.com.
Forward-looking Statements
The information included in this press release includes
forward-looking statements within the meaning of the Securities Act
of 1933 and the Securities Exchange Act of 1934. Such
forward-looking statements are subject to a number of risks and
uncertainties, as disclosed by Nabors from time to time in its
filings with the Securities and Exchange Commission. Risks and
uncertainties related to the Arrangement include, but are not
limited to: the risk that the conditions to the closing of the
proposed transaction are not satisfied; the risk that regulatory
approvals required for the proposed transaction are not obtained or
are obtained subject to conditions that are not anticipated;
potential adverse reactions or changes to business relationships
resulting from the announcement or completion of the proposed
transaction; uncertainties as to the timing of the proposed
transaction; competitive responses to the proposed transaction;
costs and difficulties related to the integration of Tesco's
businesses and operations with Nabors business and operations; the
inability to obtain, or delays in obtaining, cost savings and
synergies from the proposed transaction; unexpected costs, charges
or expenses resulting from the proposed transaction; litigation
relating to the proposed transaction; the inability to retain key
personnel; and any changes in general economic and/or industry
specific conditions. As a result of these factors, Nabors actual
results may differ materially from those indicated or implied by
such forward-looking statements. The forward-looking statements
contained in this press release reflect management's estimates and
beliefs as of the date of this press release. Nabors does not
undertake to update these forward-looking statements.
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SOURCE Nabors Industries Ltd.; Tesco Corporation
